Edgar Bronfman Jr. has withdrawn his bid to acquire Paramount Global, ending his last-minute attempt to challenge Skydance Media's $8 billion merger agreement.
Bronfman's bid faltered due to challenges in securing financing, heightened by Paramount's scrutiny and backers' reluctance to share detailed financial information, The New York Times reported, citing sources. "We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets, and people," Bronfman said in a statement.
With Bhis exit, Skydance is poised to finalize its deal for Paramount, which owns CBS and other major media assets.
